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U.K. Businesses Whiff On Mobile Market

U.K. citizens want more mobile banking, but British businesses have been slow to adapt to eCommerce, according to MasterCard.

“I believe we need to prioritize support for innovative start-ups, businesses in the eCommerce and mobile payments sector for example, which are in a unique position to propel the UK economy forward in 2014 and beyond,” MasterCard’s UK and Ireland head of strategy and commercial development Marcia Clay, told CBR.

MasterCard has found that despite the fact that nearly 80 percent of small business have websites, the many do not use electronic payments of any kind. MasterCard wants to change that.

The company also found that UK consumers’ use of mobile and contactless payment methods increased 383 percent from 2012 to 2013 across the nation and British banks began rolling out the tech.

MasterCard sees businesses as clearly missing out on a commerce opportunity and is working with London-based Startupbootcamp FinTech, to help develop the next round of eCommerce enabling innovators.

“It is important to always understand what really matters to consumers,” Clay says. “Through our research we have identified what really matters is feeling safe and secure from fraud, whether it be physical point of sale or online, experiencing a simple and speedy process, and confidence that wherever they are, whatever they are doing their payment method will be excepted.

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